One of TMG's own Regional Sales Directors, Ronnie James, attended the National Medicare Supplement Conference in Chicago and picked up some tidbits. We want to share them with you over the coming days as you prepare for this annual enrollment period. One of the interesting things we learned was Medicare supplement sales. When are they made? How are they made?
20% of all Medicare Supplement sales are made during the annual enrollment period.
What does that mean? That means there's a lot of opportunity is going to be out there for selling Medicare supplements. As most of you are ramping up for your Medicare Advantage sales, we didn't want you to forget about the Medicare supplement sales now. Medicare supplement sales are made all year long.
There's going to be opportunity throughout the year, but the largest supplement application months are October and November. We're just on the cusp of that right now, and Medico has a brand new Medicare supplement plan in many states.
Medico has a brand new Medicare Supplement plan
Medico ranks at the top or near the top in all A-rated carriers or better. You can see that if you have the TMG Quoting Tool that we provide at no cost to our agents. It's going to be a very competitive product from a carrier who has been in the industry for over 27 years.
In addition to being very competitive, selling Medicare Supplements is also going to pay good compensation. Now through the remainder of the year, some really nice bonuses.
How much can you earn?
For example, after three applications, you will be getting $75 for each open enrollment or guaranteed issue Medicare Supplement product and $50 if it's written on someone that has to go through underwriting.
There's going to be a lot of opportunity to pick up new clients, put them with a very competitive product, a very stable company, and also earn yourself some bonus money. As most of you know, Ronnie believes in contracting with companies that offer multiple lines as well. If you're not familiar with Medico, they offer a very good dental product as well.
For someone that is interested in a Medicare Supplement plan, they're also probably going to be looking for some dental insurance. We know statistics tell us that is the thing that seniors ask about the most. Medico offers immediate benefits at a fair price and good compensation.
Is a Medicare Supplement right for your client?
If you haven't checked out Medico, I encourage you to take a look at them going forward because we know that dental is a big deal in the Medicare markets. Also, Medico has a very competitive hospital indemnity product. With Medico, you can write someone in a household and they can receive a household
discount if they live with someone. You don't have to write husband and wife or mother and son just by virtue of having a roommate. There's some discounts that they will get. Learn more about Medicare Supplements and find the right plan for your client.
Medico makes your life easier as an agent
We know you hate having to charge policy fees, application fees, but they are part of the industry. As a rule, Medico waives all of those fees. So as an agent, it makes it a little easier when you don't have to add a $20 or $25 application fee.
Also, the premiums are very strong because underwriting allows them to offer very good rates. If you have a healthy clientele that is looking to bridge some of the gaps that they may have in a Medicare Advantage plan, we encourage you to look at the hospital and dental plan offered through Medico.
If you have a healthy clientele that is looking to bridge some of the gaps that they may have in a Medicare Advantage plan, we encourage you to look at the hospital and dental plan offered through Medico.
Keep in mind when selling Medicare Supplements that Medico is quick about getting you contracted. Ronnie spoke to their representatives this week at the Medicare Supplement Conference, and said that they're running about seven to ten days. That means for you as an agent, you still have time to get the contracting in before the annual enrollment period starts.
Get your contracting completed and sales kits in to be able to take full advantage of the AEP season for the bonuses that you can accumulate.
Remember that 20% of Medicare Supplement Sales are made during AEP, so get selling! We wish you the best during the annual enrollment period.
If we can be of service to you here at Tidewater Management Group, please give us a call at 888-622-9122.